Share:

In this article, I will show you step-by-step how to set up TradingView for the PowerX Strategy.

Let’s get started:

Here’s how to setup TradingView for the PowerX Strategy in 8 simple steps:

Step 1: Register for TradingView

It’s free, and if you don’t register, many of the features that I am showing you in this article won’t work.

You might even consider upgrading to the “Pro Version” for $14.95 per month. That’s the version that I have, and I think it’s well worth the price.

Step 2: Click on Full-Featured Chart

In order to add indicators to the chart and customize your layout, you need to click on Full-Featured Charts:

Step 3: Delete the Volume

I personally don’t use volume information, and it’s in the way. In order to have a clean chart, delete the volume:

Step 4: Add The RSI And Configure It

The next step is to add the indicators.

In order to add indicators…

  1. Click on the “F”
  2. Then enter “RSI” in the search field and
  3. Then select “Relative Strength Index”

Once the RSI Indicator is added to the charts, click on the gear icon to bring up the properties.

Now click on INPUT and change the LENGTH from 14 to 7.

And here’s how I select the STYLE of the indicator:

Changing the style is optional, but I like to change…

  • The Upper Band to 100
  • The Lower Band to 50 and
  • The Background to GREEN with a 20% Opacity

Step 5: Add the Stochastics

The next indicator is the Stochastics.

We can add the Stochastic in the same way as we added the RSI:

  1. Click on the “F”
  2. Then enter “Stochastic” in the search field and
  3. Then select “Stochastic”

Here’s how to configure the Stochastic:

  • Under INPUT, select 14, 3 and 3

And I like to change my STYLE settings as following:

  • Uncheck %K
  • Set the “Upper Band” to 100
  • Set the “Lower Band” to 50
  • Use GREEN for the “Background” with a 20% opacity

Step 6: Add the MACD

The next indicator is the MACD.

You can add it in the same way as we did before:

  1. Click on the “F”
  2. Then enter “MACD” in the search field and
  3. Then select “MACD”

Here’s how to configure the Stochastic:

  • Under INPUT, select 12, 26 and 9

And I like to change my STYLE settings as following:

  • Uncheck the “Histogram”
  • Change the color of the “MACD” to purple
  • Change the color of the “Signal” to orange

Step 7: Add Rockwell PowerX

The next step is to add the bar coloring so that the bars are GREEN and RED according to the PowerX Strategy:

  1. Click on the “F”
  2. Then enter “PowerX” in the search field and
  3. Then select “PowerX Strategy Bar Coloring [OFFICIAL VERSION]”

The good news: You don’t need to configure anything for this. :-)

Step 8: Save Your Chart Settings:

Your chart should now look like the chart below.

I highly recommend that you save your work:

  1. Click on the little ^ next to the GEAR icon
  2. Select a name and click on SAVE NOW

That’s it! You did it

Now you have setup TradingView for the PowerX Strategy, which — in my opinion — is the best TradingView Setup.

Hope this helps!

Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.

Editors’ Picks

EUR/USD stays in positive territory above 1.0850 after US data

EUR/USD stays in positive territory above 1.0850 after US data

EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.

EUR/USD News

GBP/USD stabilizes above 1.2850 as risk mood improves

GBP/USD stabilizes above 1.2850 as risk mood improves

GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.

GBP/USD News

USD/JPY hovers near 154.00, reverses Tokyo CPI-led slide

USD/JPY hovers near 154.00, reverses Tokyo CPI-led slide

USD/JPY is consolidating its rebound near 154.00, having reversed the Tokyo CPI data-led slide to 153.40. The pair stays volatile, as the BoJ-Fed policy divergence remains in play while markets reposition ahead of the top-tier US PCE inflation data due later on Friday. 

USD/JPY News

Editors’ Picks

EUR/USD stays in positive territory above 1.0850 after US data

EUR/USD stays in positive territory above 1.0850 after US data

EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.

EUR/USD News

GBP/USD stabilizes above 1.2850 as risk mood improves

GBP/USD stabilizes above 1.2850 as risk mood improves

GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.

GBP/USD News

Gold rebounds above $2,380 as US yields stretch lower

Gold rebounds above $2,380 as US yields stretch lower

Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.

Gold News

Avalanche price sets for a rally following retest of key support level

Avalanche price sets for a rally following retest of  key support level

Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.

Read more

The election, Trump's Dollar policy, and the future of the Yen

The election, Trump's Dollar policy, and the future of the Yen

After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.

Read more

RECOMMENDED LESSONS

7 Ways to Avoid Forex Scams

The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?

What Are the 10 Fatal Mistakes Traders Make

Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.

Strategy

Money Management

Psychology